Today's post is about Bitcoin (BTC/USD). Bitcoin has broken several bear trend lines and is around the last resistance level before a new bull cycle starts.
The end of a correction ends with a C wave which is made of 5 waves (i-v)
After a C wave ends, a new cycle in the opposite direction is likely to take place. Usually wave i of the next cycle is headed to wave iv of the prior trend.
Even though BTC/USD has broken several bear trends is still facing a key resistance.
If certainly Bitcoin has changed the trend, this time this resistance needs to ve violated
Violated!
This could be a bear pennant or a bullish pennant. Breakout and volume will determine the next move. Current short term trend is bullish since there are higher lows.
